Freedom Group announced Monday that it had finalized an asset purchase agreement to acquire certain assets of Para USA.
According to a press release from Freedom Group, the purchase was conducted through an unnamed subsidiary of Freedom Group. No price was given. Furthermore, the release did not specify the "certain assets" being acquired.
Para USA was founded in 1985, gaining fame with its high-capacity frame and Light Double Action (LDA) trigger systems that were both incorporated into the company's 1911 designs. But the innovations to John M. Browning's original design weren't widely embraced in the U.S. Para will continue its day-to-day operations at their facility in Pineville, N.C.
"We welcome Para into the Freedom Group Family of Companies," said E. Scott Blackwell, chief Sales and marketing officer of Freedom Group, in the press release. "Para USA is a leader in handgun technology and their fine products exemplify quality, innovation and performance. Para is a perfect complement to our industry-leading family of brands, and our success in 2011 with the Remington R1 — 1911. We look forward to deploying both human and financial resources to continue to develop and supply current and future handguns for consumers and our channel partners. We also wish to thank all its employees for their continued dedication that has made Para a success."
What do you think this means for the PARA brand and the growing Freedom Group empire?